Zhejiang Geely Holding Group is contemplating elevating funds for the maker of London’s iconic black cabs, folks acquainted with the matter mentioned, because the Chinese language automaker appears to bolster its electrical fleet.

Geely might search about 1 billion kilos ($1.2 billion) from personal buyers for London Electrical Car Firm, the folks mentioned, asking to not be recognized as a result of the matter is just not public. The Chinese language proprietor may discover different strategic choices to bolster the manufacturing of electrical taxis and increase LEVC’s progress, the folks mentioned.

Issues are preliminary and particulars such because the fund-raising quantity and timing may change relying on investor response, the folks mentioned. A consultant for Geely declined to remark.

Geely acquired the maker of London’s black cabs in 2013, after its father or mother entered administration, and rebranded it as LEVC in 2017. As a part of the plan, Geely invested greater than 500 million kilos in a brand new international headquarters and the UK’s first devoted EV manufacturing plant, however the unit has not been worthwhile but.

The standard taxi operators that LEVC counts as prospects have been going through a number of challenges starting from the emergence of ride-hailing and ride-sharing companies to the plunge in demand through the pandemic. World manufacturing of electrical autos has additionally been dogged by shortages of chips and different automobile components.

LEVC’s manufacturing facility in Coventry has the power to supply as many as 20,000 autos a yr, and the potential to spice up that output one other 80 p.c with minor changes. It’s nonetheless removed from using its capability, having solely produced its 10,000th automobile in March. The corporate reduce 140 jobs within the U.Ok. final yr.

LEVC has been creating the house oriented structure, an all-electric platform that can prolong its product vary past high-ceiling hackney carriages, for two-and-a-half years throughout R&D facilities in China, Sweden, the U.Ok. and Germany.

The corporate will make the most of the underpinnings for each people-movers and supply autos. Nonetheless, its instant focus is to get the enterprise in higher form, LEVC CEO Alex Nan has mentioned.